What was the total amount of term loans for 360 Painting in 2023?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
| ---------- | ----------------- | ---- | ----------- |
|---|---|---|---|
| Prepaid commissions | $ 7,881,145 | $ | 7,062,651 |
| Notes receivable | 7,429 | 34,628 | |
| Total other long-term assets | $ 7,888,574 | $ | 7,097,279 |
8. Long-term Debt
Long-term debt consisted of the foll
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the company had $12,293,250 in term loans and $8,475,375 in delayed draw term loans in 2023. This means the total amount of term loans, including delayed draw term loans, was $20,768,625 in 2023.
For a prospective franchisee, this information provides insight into the financial structure and debt obligations of 360 Painting. It shows the level of debt the company has taken on and the types of loans used. Understanding the franchisor's financial health is crucial for franchisees, as it can impact the support and resources available to them.
It's important to note that these figures are part of the consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which includes 360 Painting. The FDD clarifies that separate financial statements for 360 Painting itself are not included in the document, but Premium Service Brands, LLC guarantees the obligations of 360 Painting to its franchisees. A prospective franchisee should consider the implications of this arrangement and the overall financial stability of the parent company.
Reviewing these figures in the context of 360 Painting's revenue and expenses can provide a more complete picture of the company's financial performance. Franchisees may want to discuss these financial details with the franchisor to understand the company's strategy for managing its debt and ensuring long-term financial health.